Tata Steel mulls rare high-yield perpetual bond

Tata Steel considers issuing a rare high-yield perpetual bond of at least $500 million. The deal could launch in the first quarter of this year.

Indian steel company Tata Steel is considering issuing a perpetual bond to raise at least $500 million sometime in the first quarter of 2011.

If it goes ahead, Tata Steel could become the first Asian issuer in recent times to tap the market with a high-yield perpetual bond. So far, Asian perpetuals have been issued by investment grade names such as Hutchison Whampoa, Cheung Kong Infrastructure CKI and Noble Group. It would also be a rare US dollar bond...

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